There are two major phases to starting and maintaining any business or organization: planning it and running it. We refer to this as strategic planning and strategic management, and actually break things down a little further.
Strategic Planning is the formal development of plans (vision, goals, objectives, initiatives and action items). It includes:
- Analysis & Assessment
- Strategy Formulation & Documentation
Strategic Management is the on-going running of the business based on those plans. It includes:
- Strategic Execution
- Sustainment Management
“Planning” Isn’t “Set It and Forget It”
A common mistake made by entrepreneurs, owners and leaders is that planning is a one-time event, relatively unrelated to running the business. The American Management Association (AMA) reports that more than 60% of strategies are not implemented. That is particularly a disturbing stat when you consider a 2015 survey by Wells Fargo that found an even greater percentage of small businesses never develop strategies in the first place.
Meanwhile, a report by Cognizant states that organizations that don’t focus on strategic execution “are at risk of wasting 14 times more money” than those who put an emphasis on strategic execution.
An Unofficial Recognition
The Plan Canvas team recently spoke with representatives from the technology research firm Gartner, who informally stated that they see Plan Canvas as a Strategic Execution Management software (SEM).
This was music to our ears because since its inception, that is how we have viewed Plan Canvas. Yes, you can produce strategic plans, business plans, and personal plans from Plan Canvas, but, more importantly, you can strategically manage with it.
In fact, of the 8 major characteristics of an SEM solution, as defined by Gartner, Plan Canvas at least touches on all of them – some more deeply than others, but all are addressed.
This is a very important distinction for both the Plan Canvas team and the Plan Canvas user.
Contact us for a free 30-day trial of Plan Canvas.